14.07.2021

Practice Areas: Finance

Industries: Insurance

Do you know the legal and regulatory innovations in the insurance market?

The insurance market has been subject to numerous legal and regulatory changes, for which reason we highlight in this legal flash the most recent innovations that deserve special mention.

The Abreu Advogados Financial Law team: apdfin@abreuadvogados.com

 

Main news:

  1. ASF Regulatory Standard No. 3/2021-R, of 13th April

Foresees the elements and information that must accompany the prior notification of projects for the acquisition, increase or decrease of qualifying holdings in insurance or reinsurance companies and pension fund management companies.

 

  1. ASF Circular No. 2/2021, of 4 May

Adapts the latest understandings of the Financial Action Task Force (“FATF”) on the prevention of money laundering and terrorist financing to the insurance market.

 

  1. Decree-Law No. 56/2021, of June 30th

Amends, among others, the Legal Regime on Access and Exercise of Insurance and Reinsurance Activity, transposing a broad set of European Directives on solvency, money laundering, financial instruments regulation and competences of supervisory bodies.

 

  1. ASF Pronouncement on the Bill No. 691/XIV/2.ª, of 24th June

The Bill described above will reinforce the protection of the insured person, prohibiting discriminatory practices and improving access to credit and respective insurance contracts by those who have overcome aggravated health risks.

The ASF’s pronouncement has problematized, with special focus, the legal provision of the right to be forgotten in insurance contracts.

 

  1. ASF Public Consultation No. 6/2021, of 27th May

ASF has submitted to public consultation a draft regulatory standard amending the uniform general and special conditions of the uniform crop insurance policy for Mainland Portugal.